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Coro Energy PLC on Monday said its loss widened in 2022 as finance income fell, but it began generating revenue from its Italian gas operations.
Coro Energy is a Leeds, England-based energy company, with a natural gas and clean energy portfolio of assets in South-East Asia and Italy.
Pretax loss widened to $8.2 million in 2022 from $6.5 million in 2021. This was mostly due to a drop in finance income to $636,000 from $2.2 million.
Revenue was $51,000, having generated none in prior years. This was thanks to resumed and increased Italian operations, which also benefitted from a rise in gas prices.
However, Coro has agreed to sell those operations.
Looking ahead, Coro said it will focus on repaying corporate debt, invest in its South-East Asia renewables businesses, and complete the sale of its Italian assets. This comes after the energy company signed a deal for the disposal of the assets to Zodiac Energy PLC for up to €7.5 million back in March.
Shares in Coro Energy were down 8.1% at 0.17 pence each in London on Monday morning.
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